Does the CARES Act really work?

Author: Artem Hihach

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, offers emergency aid and health care response for individuals, families, and businesses affected by the COVID-19 pandemic. The CARES Act is a significant step to addressing the national public health crisis caused by COVID-19. 

It was introduced in the United States of America two years ago and signed into law by President Donald Trump in March of 2020, just as the coronavirus pandemic was first spreading across the country.

Self-Employment Financial Assistance

Self-employed individuals or those who have recently been self-employed do not usually qualify for some unemployment benefits when their enterprises or freelancing positions suffer a setback. But because of the coronavirus pandemic and the economic troubles it caused, the government made some modifications through the CARES Act.

The new legislation made self-employed employees eligible for unemployment benefits they are not initially qualified for. This came as a great relief to the self-employed citizens of the United States.

Can Self-Employed Workers Apply for the CARES Act in 2022?

The CARES Act was signed into law on March 27, 2020, therefore, the two-year mark is coming. However, some programs have been concluded. This includes the Pandemic Unemployment Assistance (PUA) program.

While certain CARES Act services, such as student assistance, remain in place, the provision for self-employed people has drastically reduced.

There have been attempts to continue different programs and to send out a fourth stimulus check, but they were not approved because the American government is pointing to the improved unemployment rate as proof of the recovery. As a result, the CARE may no longer provide substantial assistance to self-employed employees.

The Small Business Cares Act

The Small Business Administration (SBA) and the Department of Treasury have begun to release information that will guide the Coronavirus Aid, Relief, and Economic Security (CARES) Act initiatives.

Please check the following websites to remain up to date on their implementations. 

• SBA – Here, you will find information on all SBA COVID-19-related programs, such as the Paycheck Protection Program, Economic Injury Disaster Loans, Emergency Grants, and Small Business Debt Relief.
• Department of Treasury – On the website, you may learn about the Paycheck Protection Program, as well as other tax laws that are designed to assist businesses, including non-profits.

There are provisions in place for small business owners. This was enacted by the Congress to help small business owners and entrepreneurs to keep their businesses moving regardless of the financial strike the Covid-19 caused. 

Conclusion

There have been so many changes to the CARE acts. This program does not currently support all the features that were created at the beginning. Two years ago, when the coronavirus started, these programs were important for people in need. Now, it is not effective as most of its extensions ended in 2020.